Success for two public banking bills

Success for AB 857 and SB 528: California’s two public banking bills both advance in the 2019 legislature

AB857 Local Gov't Committee hearing

CPBA’s David Jette and Assemblymember Miguel Santiago at the central desk speak to the Local Government Committee at the hearing for AB857. Photo by CPBA.

On April 24, California’s two pending public banking bills, Assembly Bill 857 and Senate Bill 528, both passed their second committee hearings in the state legislature. SB 528, which would convert California’s existing Infrastructure and Development Bank into a true depository bank, passed the Senate Banking Committee; while AB 857, a bill to more easily enable cities to charter public banks, passed the Assembly Local Government Committee.

AB 857 passed its first hearing in the Assembly Banking and Finance Committee on Monday, April 22, after a robust debate between the bill’s co-authors, Assemblymembers David Chiu and Miguel Santiago, and Wall Street lobbyists. Susan Harman from Public Bank East Bay and the California Public Banking Alliance reports that at the committee hearing yesterday, April 24, a “cliff-hanger, last minute, crucial Yes vote” came in to pass the bill.

The success followed an enormous groundswell of support for AB 857 from over 80 organizations (Facebook link) across California that have united to say yes to public banking. The Alliance posted:

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